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THE ECONOMY - ECONOMIC DEVELOPMENT

Abu Dhabi outlook stable: S&P

Posted on 23/11/2010

Standard & Poor's rating agency affirmed on Monday its stable outlook for the Abu Dhabi economy with AA and A-1+ ratings for long term and short term sovereign credit respectively. It said that the Abu Dhabi economy was weathering the global downturn "well, despite increased contingent liabilities from the financial sector and Dubai." "The stable outlook balances the emirate's strong financial position and prudent policies against geopolitical risks, contingent liabilities, and potential ...  >>MORE

Department of Economic Development issues annual economic report for the Emirate of Abu Dhabi

Posted on 14/11/2010

The activity of wholesale and retail trade, repairing and maintenance services, experienced steady growth over the past years, though its contribution to the GDP of the Emirate of Abu Dhabi fell from 6 per cent in 2004 to 4.3 per cent in 2008, but rebounded again to set at 5.5 per cent in 2009, according to the report released by Department of Economic Development in Abu Dhabi. It added that the value added in wholesale and retail trade, repairing and maintenance services amounted to Dh30.132 ...  >>MORE

UAE registered a substantial fall in inflation in 2009: Report

Posted on 10/11/2010

The UAE registered a substantial fall in inflation in 2009, where the inflation rate dropped from 12.3% in 2008, to 1.5%, due to several reasons, including the drop in prices of oil, commodities and imports, according to the Annual Economic Report for the Emirate of Abu Dhabi 2010 which was released yesterday by Department of Economic Development. 'The global crisis led to a decline in global demand for most basic commodities, and lowered prices of construction materials, food and other goods ...  >>MORE

Oxford Business Group launches Abu Dhabi 2010 Report

Posted on 10/11/2010

Details of Abu Dhabi's plans to expand its non-oil sector by encouraging investment in key sectors of its economy are mapped out in a wide-ranging report just published by Oxford Business Group (OBG). The Report: Abu Dhabi 2010 gives a detailed insight into the Emirate's bid to use its hydrocarbons industry as a springboard for diversifying its economy in line with the roadmap for development, Economic Vision 2030. The new report puts the 10 sectors earmarked for growth, which include ...  >>MORE

Key economic indicators positive, encouraging despite current economic outlook: DED

Posted on 10/11/2010

Abu Dhabi has kept a fast pace from theory to practice; key economic indicators are positive and encouraging despite the current economic outlook, according to Under Secretary of Abu Dhabi Department of Economic Development said at The Abu Dhabi Conference 2010. The comment came at the keynote speech on Monday at the conference organised by MEED in Fairmont Bab Al Bahr, where Abdullah stressed upon the significance of public-private co-operation to achieve a detailed and elaborate ...  >>MORE

UAE and Italy to strengthen cooperation in the field of SMEs

Posted on 09/11/2010

Sultan bin Saeed Al Mansoori, UAE Minister of Economy, said the country has the ideal environment and infrastructure needed to improve the performance of SMEs. He added the Government is focused on strengthening the sector by leveraging the latest technologies and international expertise. Al Mansouri was addressing a high level delegation led by Paulo Romani Minister of Economic Development of Italy, Italian Ambassador to UAE Giorgio Starace to UAE and leading Italian entrepreneurs. At ...  >>MORE

UAE's purchasing index reflects economic rebound

Posted on 04/11/2010

The UAE's purchasing managers' index (PMI) rose to the highest in its 15-month history, indicating the economy is on a strong rebound. The index, compiled by HSBC Holdings and Markit Economics, rose to 53.8 in October from 52.6 in September. The index is based on data compiled from monthly replies to questionnaires sent to purchasing executives in approximately 400 private sector companies in the UAE, representing manufacturing, services, construction and retail. Business conditions faced ...  >>MORE

'UAE foreign trade policy based on free economy'

Posted on 28/10/2010

UAE Minister of Foreign Trade Sheikha Lubna Al Qasimi stressed that the UAE's foreign trade policy is based on free economy, openness and facilitation of trade exchange and investments. The UAE continues to provide foreign investors with incentives, she said adding that Germany became the UAE's fourth largest trade partner in 2009 with trade exchange going up to US$8.4 billion (4.7 per cent of UAE's non-oil foreign trade). This accounts for 41 per cent of total trade exchange between ...  >>MORE

IMF sees lower UAE spending in 2010-2011

Posted on 28/10/2010

The UAE is expected to spend less this year and in 2011 after boosting public expenditure to its highest ever level in 2009 to counter the adverse effects of the 2008 global fiscal distress, IMF figures have shown. The Washington-based International Monetary Fund put the country's expenditure at as high as 38.2 per cent of GDP last year and projected the level to dip to nearly 32.6 per cent this year and 27.4 per cent in 2011. It gave no spending figures by analysts said expenditure could ...  >>MORE

UAE is the 30th most prosperous country in the world

Posted on 27/10/2010

The United Arab Emirates is the top-ranking Middle Eastern country on the Prosperity Index, coming at 30th overall. The London-based Legatum Institute released the latest edition of its index, which comprehensively ranks the level of prosperity in 110 countries by taking into account both economic growth and citizens' quality of life. The UAE's high ranking is thanks largely to a strong entrepreneurial culture. Yemen, Iran, Lebanon, and Syria all ranked in the bottom third worldwide. And ...  >>MORE

Dubai's economy on growth track

Posted on 25/10/2010

Dubai's economy will grow about one per cent this year after contracting nearly 1.3 per cent last year, the International Monetary Fund said yesterday. "The current economic prospect of Dubai is much better than anticipated in the beginning of the year. We expect the economy to grow in the range of 0.5 per cent to one per cent this year," IMF Middle East and Central Asia Department head Masoud Ahmad told Gulf News. The IMF official said the emirate's economy is witnessing a revival largely ...  >>MORE

UAE economy on the upswing, says official

Posted on 21/10/2010

London - The United Arab Emirates' economy is in a growth phase, having weathered the worst of a global economic crisis, with average real gross domestic product seen increasing by 2.5 per cent this year, a top Ministry of Economy official said Wednesday. "We have now entered the next phase of growth," Mohammad Al Shehi, the Economy Ministry's director general told an investment forum in London. Earlier this month, the International Monetary Fund raised its 2010 growth forecast for the ...  >>MORE

UAE economy proves strong in tough times

Posted on 17/10/2010

Thanks to the policies taken by the government such as guaranteeing bank deposits and pumping in Dh120 billion to support the banking sector, the United Arab Emirates' national economy has proven its strength and competence in dealing with the repercussions of the economic crisis, said Sultan Bin Saeed Al Mansouri, Minister of Economy, during a press conference yesterday. "We have the second largest Arab economy," where the gross national product reached Dh914.4 billion in 2009, Al Mansouri ...  >>MORE

UAE tops in Arab Gulf gender equality

Posted on 13/10/2010

The United Arab Emirates has moved up nine places to win the top spot among the Arab Gulf countries in gender equality. According to a World Economic Forum report on gender gaps released on Tuesday, the Arabian Peninsula fared poorly on gender gaps, with all of the region's countries ranking in the bottom quarter, and Yemen in last place at 134. The UAE was the region's best-placed nation, but it only ranked 103 out of the 134 countries listed in the WEF annual gender gap index. Kuwait was ...  >>MORE

UAE takes part in 26th COMCEC session

Posted on 10/10/2010

Istanbul - The United Arab Emirates took part in the 26th session of the Standing Committee for Economic and Commercial Cooperation (COMCEC) of the Organisation of Islamic Conference (OIC) which was held in Istanbul on 7-8 October. Economy Minister Sultan bin Saeed Al Mansouri led the country's delegation to the session. The session was opened by Turkish President Abdullah Gul. Al Mansouri said in a statement that the past five years witnessed a tremendous growth in trade among member ...  >>MORE

UAE current account surplus to jump by 367% to Dh132bn

Posted on 26/09/2010

The UAE current account surplus is expected to jump significantly by 367 per cent to $36 billion (Dh132 billion) this year on increase crude oil prices and recovery in economy, according to MarketResearch.com, which specialises in economic and corporate researches. "The current account surplus is forecast to recover to $36 billion or 13 per cent of GDP in 2010 from a preliminary $7.7 billion or 3.1 per cent of GDP last year. This reflects a 26 per cent increase in the oil price, a 2% increase ...  >>MORE

Economy Minister meets UK's Commercial Secretary to the Treasury

Posted on 22/09/2010

UAE Minister of Economy Sultan Bin Saeed Al Mansouri met yesterday with UK's Commercial Secretary to the Treasury Lord James Sassoon who is on a visit to the UAE accompanied by a high-level delegation consisting of senior government officials and British businessmen. They held extensive discussions on a number of topics, which included raising the level of trade exchange between the two countries from 5.7 billion pounds to 12 billion by 2015 and strengthening the capacity of capital markets ...  >>MORE

WEF report ranks UAE 25th in the world for competitiveness

Posted on 13/09/2010

'The Global Competitiveness Report 2010-2011' issued by the World Economic Forum (WEF) has ranked UAE 25th in the world for competitiveness. The report also included UAE for the second year, in the third and most advanced stage of "Innovation-driven economies" which includes the highest-ranking countries, classified on the basis of their adoption of factors that promote innovation in economic development. This group includes countries such as Germany, Japan, Sweden, Australia, Canada, the ...  >>MORE

UAE economy to hit Dh1 trillion this year: EIU

Posted on 13/09/2010

Higher oil prices will likely boost the UAE economy to a record high of nearly Dh1 trillion in current prices this year and the level will swell further in 2011, according to the Economist Intelligence Unit (EIU). The increase will allow the UAE to maintain its position as the second largest Arab economy after Saudi Arabia and the second in terms of GDP per capita income, said EIU, part of the London-based Economist Group. This rise means nominal growth is projected at around 9.3 per cent ...  >>MORE

Diversification key to UAE's growth

Posted on 25/08/2010

Structured initiatives to diversify the economy, more liquidity through the introduction of new financial instruments and clarity on the government's overall debt obligation could help the country's economy move forward, officials said. The UAE economy is presently "at a crossroads", Daman Investments said in a report issued Tuesday. The report says there are "tough factors to consider, and tough decisions to be made". While the "economic miracle" that is the UAE is still viable, the very ...  >>MORE

UAE nominal economy to rise 8% in 2010

Posted on 22/08/2010

Higher oil prices will boost the UAE economy by around eight per cent in current prices this year after it plunged by more than 11 per cent in 2009 because of a sharp fall in crude prices, according to a Saudi investment firm. Real growth is projected at only around 0.9 per cent following a contraction of about 0.6 per cent in 2009 as a result of lower oil output and a sharp downturn in the construction sector, NCB Capital (NCBC) said in a study. After a decline of 11.9 per cent, the nominal ...  >>MORE

Abu Dhabi capital expenditure peaks

Posted on 18/08/2010

Capital spending by Abu Dhabi government surged to its highest level in 2009 as the emirate and other members of the UAE sharply boosted their budgets in response to the global fiscal distress, according to official data. Capital expenditure climbed to a record high relative to total spending despite a steep decline in the emirate’s income because of a fall of nearly 30 per cent in crude prices and a cut in the UAE’s crude output in line with a collective OPEC decision, showed the figures ...  >>MORE

UAE to open new era of economic relations with Slovenia / Poland

Posted on 22/06/2010

Sultan Bin Saeed Al Mansoori, UAE Ministry of Economy, said the UAE is looking forward to new era of economic cooperation with Slovenia, while receiving Samuel Zbogar, Slovenian Minister of Foreign Affairs at his office in Dubai. Al Mansoori expressed UAE's interest to strengthen relations with Slovenia by forming points of contacts between both countries to coordinate the exchange of official delegations and showcase investment opportunities across the various economic sectors of both ...  >>MORE

Dubai development plans reviewed

Posted on 15/06/2010

Dubai's future economic roadmap and strategic plans came under scrutiny yesterday at a meeting of the Economic Committee of the Dubai Executive Council. Led by Committee Chairman Sheikh Ahmed bin Saeed Al Maktoum, who is also President of the Dubai Civil Aviation Authority and Chairman and Chief Executive of Emirates airline, the committee reviewed the roadmap for economic development in line with Dubai's strategic plan, which aims to boost sustainable development and the global position of ...  >>MORE

Abu Dhabi, Saxony State sign MoU on partnership and development

Posted on 27/05/2010

Abu Dhabi's Executive Affairs Authority and the German Free State of Saxony have entered into a Memorandum of Understanding (MOU) acknowledging their mutual economic interests and committing to establish new opportunities to exchange expertise and share knowledge. The MoU recognises the strategic importance of the close cooperation between Abu Dhabi and Saxony in the areas of science and technology, with special emphasis placed on the field of microelectronics. The deal was signed by ...  >>MORE

UAE-German Joint Economic Commission to meet in Abu Dhabi

Posted on 25/05/2010

The Eighth Meeting of the UAE-German Joint Economic Commission will open in Abu Dhabi today. Minister of Economy Sultan bin Saeed Al Mansouri and German Minister of State for Economics and Technology Dr. Bernd Pfaffenbach will jointly chair the meeting. The Commission will discuss ways to strengthen the frameworks of cooperation in various fields between the two countries. Among the important topics that will come up for discussion are small and medium enterprises, civil aviation, technology ...  >>MORE

UAE to soon plug holes in the legal, financial system

Posted on 25/05/2010

"The UAE is introducing a wide-ranging programme to address regulatory and legal shortcomings in our financial system," said Ahmed Humaid Al Tayer, Governor of the Dubai International Financial Centre, speaking at the Menasa forum yesterday. "Although we expect a return to high economic growth, it is critical that we urgently address the deeper risks and challenges that the economic crisis revealed." He said this in his welcome address, and added that "in the coming years, fiscal policy ...  >>MORE

UAE initials customs agreement with Kazakhstan

Posted on 24/05/2010

The UAE's Federal Customs Authority, or FCA, initialled the final draft of a customs technical and administrative cooperation agreement with Kazakhstan in Astana earlier this month. The official signing of the final agreement is scheduled in few days upon ratification. Head of International Relations at FCA Saud Al-Akroubi said the agreement will strengthen economic and trade relations between the UAE and Kazakhstan as well as contribute to the growth of their economies, remove violations and ...  >>MORE

UAE Minister of Economy holds meetings with Algerian officials

Posted on 24/05/2010

Algiers - UAE Minister of Economy Sultan Bin Saeed Al Mansouri who led the UAE delegation to the eighth Joint UAE-Algerian Committee meeting held talks with Algerian ministers and senior officials on ways to further promote cooperation on tourism, banking, finance, investment and industries. In remarks during the meetings, Al-Mansouri stressed that the UAE-Algerian relations are constantly progressing under directives from President His Highness Sheikh Khalifa bin Zayed Al Nahyan and ...  >>MORE

UAE-Algerian joint committee meetings open in Algiers

Posted on 20/05/2010

Algiers - UAE Minister of Economy Sultan Bin Saeed Al Mansouri and Algerian Finance Minister Karim Judi opened in the Algerian capital yesterday the eighth meeting of the UAE-Algerian Joint Committee. A number of topics and important files will be discussed in the meeting in the joint quest of both countries to enhance bilateral relations, especially in the fields of economy, trade and mutual investments. In his opening remarks Al Mansouri alluded to the major developments witnessed in the ...  >>MORE

Arab media sheds light on UAE economy

Posted on 04/12/2009

Media across the Arab world continued to shed light on the strength of the UAE economy and its resistance to the repercussions of the global economic crisis. Tunisia's 'Al-Shurooq' daily newspaper said that despite the global economic crisis which cast its shadow on the entire world, the UAE is braving the fallouts and is continuing to implement its developmental projects spread across the seven emirates, especially in Abu Dhabi and Dubai. The projects are progressing forcefully as per the ...  >>MORE

Three women enter ADCCI election fray for first time

Posted on 03/12/2009

For the first time in the history of the Abu Dhabi Chamber of Commerce and Industry (ADCCI), three women are in the fray for the election of its board of directors. The ADCCI elections will be held on Monday and all 72,226 members of the ADCCI are expected to take part in the voting. The three women candidates are: Fatima Al Jaber, CEO of the Al Jaber Group, and Noura Jasem Al Nowais, CEO of Al Benaa Real Estate Investment – both UAE nationals – and Egyptian Himat Mohammed Mahmoud, who is ...  >>MORE

UAE inflation at 1.9% in first 10 months of 2009

Posted on 25/11/2009

Annual consumer inflation in the UAE averaged 1.9 per cent in the first 10 months of the year but prices fell 0.1 per cent month-on-month in October itself, official figures showed yesterday. Year-on-year only clothing, health and entertainment categories decreased in cost, the ministry of economy's national bureau of statistics said in a statement published on its website. Rent and utility prices increased 0.96 per cent year on year in the first 10 months, revealed the figures. Monica ...  >>MORE

Contribution of non-oil should be increased for long run economic growth, Mohammed Omar Abdullah

Posted on 24/11/2009

H.E Mohammed Omar Abdullah, Under Secretary of Department of Economic Development in Abu Dhabi has underlined the need to increase the contribution of non oil sector for long term economic development of Abu Dhabi. "We generate our main income from oil, however this is not enough in the long run and we have to increase the contribution of non oil sector for maintaining economic stability", he said while interacting with foreign journalists at ECSSR on Monday. These journalists have been ...  >>MORE

UAE economy could expand 5% in 2010

Posted on 24/11/2009

The UAE is poised to make a strong comeback from the nearly flat growth it experienced last year and growth next year will be more sustainable compared to the boom of 2008, according latest projections. "We are seeing a fundamentally strong recovery taking shape in the Gulf region with the UAE and Saudi Arabia leading the trend. We estimate Dubai will grow about 3 per cent next year and the UAE economy as a whole will experience about 5 per cent growth,” said Marios Maratheftis, Regional Head ...  >>MORE

UAE economy to see sharp rebound in 2010

Posted on 19/11/2009

Lower oil production will ally with slowing construction activity to try and depress the UAE economy in 2009, but the economy is expected to rebound by nearly four per cent in 2010, the Economist Intelligence Unit (EIU) said yesterday. In a statement sent to Emirates Business, the London-based information unit said it had cut its earlier forecasts about the contraction in the UAE's gross domestic product (GDP) this year from four to 3.5 per cent following an improvement in oil prices and ...  >>MORE

Economy Ministry will follow up results of UAE-UK Joint Economic Committee meeting, Mansouri

Posted on 16/11/2009

HE Engineer Sultan Bin Saeed Al Mansouri, UAE Minister of Economy said the Ministry has adopted a focused programme of action to follow up on the results of the previous UAE- UK Joint Economic Committee Meeting and to ensure that the implementation of the agreed decisions is running smoothly. Al Mansouri said that both countries should benefit from the successful results of the committee meeting. "The implementation programme will help to enhance the economic ties between our countries. We ...  >>MORE

UAE non-oil economy to rise 2.1% despite sharp drop in oil output

Posted on 16/11/2009

Heavy public spending triggered by the global fiscal crisis will boost the UAE's non-oil economy by 2.1 per cent in 2009 despite a sharp decline in the country's oil production, said a Saudi investment firm yesterday. NCB Capital, an affiliate of Saudi Arabia's largest bank, National Commercial Bank, also said the recent surge in crude prices had prompted it to revise its projection of the UAE's fiscal balance to a surplus this year. In its weekly bulletin, NCB Capital said the UAE's real ...  >>MORE

Mansouri stresses need to unify efforts for economic development

Posted on 14/11/2009

HE Eng. Sultan bin Saeed Al Mansouri, Economy Minister, has underlined the need to unify Arab efforts in supporting common economic interest and increasing trade among Arab countries. During his meeting with HE Mohammed Al Hussein, Syrian Minister of Finance, said that investment opportunities would have to be explored that could benefit economic growth in the Arab world. HE Dr. Rostom Al Zoubi, Syrian Ambassador to the UAE and a number of senior officials were also present. They underscore ...  >>MORE

UAE shines as GCC poise to attract $45bn investments by 2014, KFC report

Posted on 12/11/2009

The GCC civil aviation sector is poised to attract more than $45 billion (Dh165bn) in investments over the next five years, according to a new research by Kuwait Financial Centre (Markaz). The UAE is well ahead of other GCC countries on this count, with its new Al Maktoum International Airport in Jebel Ali's Dubai World Central development due to open in the middle of next year, and with the airport expected to increase the country's capacity by an additional 120 million passengers, says the ...  >>MORE

Innovation is driving force for further developing Islamic world: Al Mansouri

Posted on 09/11/2009

Istanbul - H.E. Sultan bin Saeed Al Mansouri, UAE Minister of Economy, said that innovation is the driving force for the development of the Islamic world. He was addressing the COMSEC Ministerial Meeting held in Istanbul. Al Mansouri urged Islamic nations to join hands and strengthen the level of coordination to explore promising investment opportunities. He also called for more cooperation in small and medium businesses, industries and agriculture. He said the Islamic world with a ...  >>MORE

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Quick List

Abu Dhabi outlook stable: S&P


Department of Economic Development issues annual economic report for the Emirate of Abu Dhabi


UAE registered a substantial fall in inflation in 2009: Report


Oxford Business Group launches Abu Dhabi 2010 Report


Key economic indicators positive, encouraging despite current economic outlook: DED


UAE and Italy to strengthen cooperation in the field of SMEs


UAE's purchasing index reflects economic rebound


'UAE foreign trade policy based on free economy'


IMF sees lower UAE spending in 2010-2011


UAE is the 30th most prosperous country in the world


Dubai's economy on growth track


UAE economy on the upswing, says official


UAE economy proves strong in tough times


UAE tops in Arab Gulf gender equality


UAE takes part in 26th COMCEC session


UAE current account surplus to jump by 367% to Dh132bn


Economy Minister meets UK's Commercial Secretary to the Treasury


WEF report ranks UAE 25th in the world for competitiveness


UAE economy to hit Dh1 trillion this year: EIU


Diversification key to UAE's growth


UAE nominal economy to rise 8% in 2010


Abu Dhabi capital expenditure peaks


UAE to open new era of economic relations with Slovenia / Poland


Dubai development plans reviewed


Abu Dhabi, Saxony State sign MoU on partnership and development


UAE-German Joint Economic Commission to meet in Abu Dhabi


UAE to soon plug holes in the legal, financial system


UAE initials customs agreement with Kazakhstan


UAE Minister of Economy holds meetings with Algerian officials


UAE-Algerian joint committee meetings open in Algiers


Arab media sheds light on UAE economy


Three women enter ADCCI election fray for first time


UAE inflation at 1.9% in first 10 months of 2009


Contribution of non-oil should be increased for long run economic growth, Mohammed Omar Abdullah


UAE economy could expand 5% in 2010


UAE economy to see sharp rebound in 2010


Economy Ministry will follow up results of UAE-UK Joint Economic Committee meeting, Mansouri


UAE non-oil economy to rise 2.1% despite sharp drop in oil output


Mansouri stresses need to unify efforts for economic development


UAE shines as GCC poise to attract $45bn investments by 2014, KFC report


Innovation is driving force for further developing Islamic world: Al Mansouri